Oil prices inched closer to $US100 on fears of supply disruption and the US 10-year bond yield broke 5 per cent on the belief that rates will stay high.
Fears of a wider conflict in the Middle East stirred oil prices and bond yields, sending the US 10-year benchmark above 5 per cent for the first time in 16 years in a fresh setback for global growth and shares.
A US Navy warship intercepted three cruise missiles and several drones launched by an Iran-backed group from Yemen, potentially toward Israel, according to the US Pentagon. Oil prices jumped more than 2 per cent in the overnight session on Thursday AEDT amid fears the anticipated ground invasion by Israeli troops could disrupt fuel supplies from the world’s top-producing region.
“We are attentive to recent data showing the resilience of economic growth and demand for labour. Additional evidence of persistently above-trend growth, or that tightness in the labour market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy,” the Fed boss said at the Economic Club of New York.and factory production in a stubbornly tight job market.
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